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Sea Expandary is not building its marine business one line of business at a time. Launched in February 2026 by Richard Liu, founder of JD.com, The group is proceeding simultaneously through acquisitions and agreements with Chinese authorities. The acquisition of OceanWalker brings it a shipyard that employs 220 people and designs and builds several lines of yachts. At the same time, Camper & Nicholsons is opening the door to the international yacht brokerage and management markets. It remains to be seen how these various entities will fit together.
OceanWalker is bringing a construction project
With OceanWalker, Sea Expandary is not merely acquiring a brand and its product line. It is taking a stake in a modern, fully operational manufacturing facility.
OceanWalker is operated by the private shipyard Fujian Skywalker Yacht Co. Founded in December 2022, the company has its headquarters and production facility in the Chinese province of Fujian. It now employs approximately 220 people, including engineers and designers.
The company's operations encompass design, research and development, product development, manufacturing, marketing, and customer service. The industrial facility includes automated production lines as well as workshops dedicated to interior fit-outs, mechanical work, and electrical work.
The scope of the announcement is broad, extending from sailboats and workboats to medium- and large-sized yachts and superyachts, all of which are made exclusively of polyester.
From the S60 catamaran to flybridge yachts
The acquisition also provides Sea Expandary with products that have already been developed and brought to market. Among them is the S60, a motor catamaran available in several versions. OceanWalker also builds the X series of flybridge monohulls, including the X53 and X62. The latter was launched in 2024. The announced models are designed for coastal navigation, commercial use, and long-distance cruising.
This lineup falls well short of the five 72-meter catamarans announced by Sea Expandary at its founding. According to information released in February 2026, the group had already secured orders for these five vessels, with an announced average price of 60 million euros per boat.
OceanWalker thus makes it possible to serve multiple market segments without waiting for a full product line to be developed. It is also a way to increase production capacity and reduce the delivery times announced by the group.
An international network for selling and tracking boats outside of China
A shipyard capable of producing for export must also have a network of representatives located several thousand miles from its factory. OceanWalker already has a network covering North America, Europe, the Middle East, and Southeast Asia, with distributors and authorized partners in the United States and Singapore. The S60 has been exported to Singapore, Dubai, and the Bahamas, among other destinations.
In January 2026, an S60 left Zhangzhou under its own power rather than on a cargo ship. OceanWalker estimates that this approach saves nearly $100,000 in logistics costs. However, it requires a new boat to be sailed a long distance before it is delivered to the owner.
For Sea Expandary, OceanWalker's sales network is therefore just as much of an asset as the factory itself. The group gains immediate access to several foreign markets without having to recruit distributors country by country.
One key issue remains for owners: the extent of technical support. Selling a yacht in Europe, the Bahamas, or Singapore means that the seller must subsequently provide parts, diagnostics, and service. The available information mentions business partners but does not detail the organization of the international after-sales service.
Camper & Nicholsons Adds Construction Services
OceanWalker marks Sea Expandary's second major acquisition in less than six months.
In May 2026, Hong Kong-listed Lai Sun Development agreed to sell 80% of Camper & Nicholsons to Wave Expandary, a subsidiary owned by Sea Expandary. The announced transaction amount is 40 million euros, corresponding to a valuation of approximately 50 million euros. The transaction is expected to close no later than September 30, 2026.
Camper & Nicholsons operates in the international superyacht market, providing services in sales and charter brokerage, yacht management, new-build support, design, insurance, and crew placement.
The partnership with OceanWalker offers a different perspective on the strategy. On one side are design and construction. On the other are sales, charter, and management of the boat after delivery. Sea Expandary thus aims to create a comprehensive service chain covering design, manufacturing, delivery, berthing, maintenance, and refit.
Zhuhai and Shenzhen Are Preparing for the Next Phase of Industrial Development
Acquisitions are only part of the plan. Sea Expandary has also signed cooperation agreements with the authorities in Shenzhen and Zhuhai. The program calls for a yacht-building facility in Zhuhai. Shenzhen is set to host Sea Expandary?s Chinese headquarters, as well as research, operations, and maintenance activities, and, more broadly, infrastructure dedicated to nautical development in the Greater Bay Area.
These facilities complement other projects mentioned in China, particularly in the Dalian and Sanya areas. They demonstrate that the group does not intend to rely solely on the existing OceanWalker plant.
Richard Liu announced his entry into the boating industry in February 2026 with a personal investment of 5 billion yuan. Sea Expandary is now combining this funding with an existing shipyard, plans for new industrial capacity, and an international superyacht services company.
This design also caters to the characteristics of the Chinese market. Domestic demand for recreational boating remains subdued due to economic conditions, consumer caution, and certain navigation constraints. Manufacturers are therefore turning their attention to exports.
For Sea Expandary, OceanWalker provides exactly what a new entrant often lacks: boats already in production, teams, a factory, and sales channels outside of China. Camper & Nicholsons adds the services.
On paper, the various components are beginning to form a coherent whole. On the water, however, the ultimate judge will be more down-to-earth: the quality of the boats delivered, the reliability of the equipment, actual delivery times, and the network?s ability to support a new vessel far from its original shipyard.
